OpenAI CFO says funding round is ongoing

Speaking at the Citi TMT Leadership Summit in Pebble Beach, California, Friar said OpenAI would keep spending to meet customer demand. "When I think about the midterms, I need to keep thinking about how do we keep investing to meet that customer demand," she told CNBC's Sara Eisen. "It starts early with having built relationships with all of the hyperscalers, and it will continue to mean that we raise capital."

Her comments came after voters backed restrictions or rejected pro-development measures in 40 of 41 local ballot measures across 10 states, according to an analysis by Ballotpedia and additional results gathered by CNBC. The Nasdaq on Thursday suffered its steepest drop in 19 months, led by chipmakers and neocloud companies tied to the AI buildout, and the stocks rebounded some on Friday. OpenAI published a policy blueprint and commitments on Thursday for company-owned and operated data centers, including paying the full cost of power and avoiding non-disclosure agreements with public officials, CNBC reported.

Funding round

On the fundraising, Friar said: "A good CFO always raises money when she can." She said the round is ongoing. CNBC reported that OpenAI is in talks to raise funding at a $1.25 trillion pre-money valuation. TechCrunch reported on 22 October that the round could be up to $30 billion, with Coatue Management and investors from the United Arab Emirates among prospective participants. Reuters reported on 19 October that OpenAI was accelerating talks at a valuation above $1.4 trillion. Neither figure represents completed terms.

At $1.25 trillion pre-money, raising the full $30 billion would imply a post-money valuation of about $1.28 trillion. That compares with the $852 billion post-money valuation OpenAI reached in March, when it raised $122 billion. Amazon committed up to $50 billion in that round, while Nvidia and SoftBank Group committed $30 billion each. Microsoft participated without disclosing its contribution; it had invested more than $13 billion in OpenAI as of late last year. Retail investors put in $3 billion through bank channels, less than 2.5% of the total.

OpenAI said in March it was generating $2 billion in revenue per month. It recorded $13.1 billion for the full year 2025. It is not yet profitable. The Financial Times reported that OpenAI spent about $34 billion last year, and the company has said it targets $600 billion in compute spending through 2030.

IPO timing

OpenAI confidentially filed its prospectus with the SEC in June. Friar said the company would continue to look into a 2027 debut. CEO Sam Altman has said an IPO would not happen in 2026. OpenAI is trying to close the round before Anthropic's IPO, Reuters reported, to avoid having its private valuation measured against a public one. Anthropic aims to list on Nasdaq in mid-November, CNBC reported, and Reuters reported it could begin its roadshow in the week of 9 November.